US Wall Street 30 (US30USD) Resumes Downward Move, Faces Rejection at Level 29000

US Wall Street 30 (US30USD) Resumes Downward Move, Faces Rejection at Level 29000

Key Resistance Zones: 28500, 29000, 29500
Key Support Zones: 26000, 25500, 25000

US Wall Street 30 (US30USD) Long-term Trends: Ranging
The index is in a downward move below level 29000 overhead resistance. The market has been on a downward move after the bulls fail to break the overhead resistance. The index has reached a low of level 28316 and a further downward move is likely.

US30USD – Daily Chart

Daily Chart Indicators Reading:
The 21-day and the 50-day SMA are sloping upward. The price has fallen to level 53 of the RSI period 14. The market is in an uptrend zone and it is above the centerline 50.

US Wall Street 30 (US30USD) Medium-term Trend: Bearish
On the 4-hour chart, the index is on a downward move. On October 23 downtrend, a retraced candle body tested the 50% Fibonacci retracement. This indicates that the index will fall and reach a low of 2.0 Fibonacci extensions. That is the index will fall to level 27803.30.

US30USD -1 Hour Chart

4-hour Chart Indicators Reading
US30USD is above the 50 % range of the daily stochastic. This indicates that the market is in a bullish momentum. The SMAs are sloping upward indicating the previous uptrend.

General Outlook for US Wall Street 30 (US30USD)
US30USD index is currently falling after the rejection at level 29000. According to the Fibonacci tool analysis, the market will reach the low of level 27803.30.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.